72-2-121 - County of the First Class State Highway Projects Fund.
72-2-121. County of the First Class State Highway Projects Fund.
(1) There is created a special revenue fund within the Transportation Fund known as the"County of the First Class State Highway Projects Fund."
(2) The fund consists of money generated from the following revenue sources:
(a) any voluntary contributions received for new construction, major renovations, andimprovements to state highways within a county of the first class;
(b) the portion of the sales and use tax described in Subsection 59-12-2214(3)(b)deposited in or transferred to the fund;
(c) the portion of the sales and use tax described in Subsection 59-12-2217(2)(b) andrequired by Subsection 59-12-2217(8)(b) to be deposited in or transferred to the fund; and
(d) a portion of the local option highway construction and transportation corridorpreservation fee imposed in a county of the first class under Section 41-1a-1222 deposited in ortransferred to the fund.
(3) (a) The fund shall earn interest.
(b) All interest earned on fund money shall be deposited into the fund.
(4) The executive director shall use the fund money only:
(a) to pay debt service and bond issuance costs for bonds issued under Sections63B-16-102 and 63B-18-402;
(b) for right-of-way acquisition, new construction, major renovations, and improvementsto state highways within a county of the first class and to pay any debt service and bond issuancecosts related to those projects;
(c) for fiscal year 2008-09 only, to pay for or to provide funds to a municipality or countyto pay for right-of-way acquisition, construction, reconstruction, renovations, and improvementsto highways described in Subsection 63B-16-102(3); and
(d) for fiscal year 2009-10 only, to pay for or to provide funds to a municipality or countyto pay for right-of-way acquisition, construction, reconstruction, renovations, and improvementsto highways described in Subsection 63B-18-402(2).
(5) The revenues described in Subsections (2)(b), (c), and (d) that are deposited in thefund and bond proceeds from bonds issued under Sections 63B-16-102 and 63B-18-402 areconsidered a local matching contribution for the purposes described under Section 72-2-123.
(6) The additional administrative costs of the department to administer this fund shall bepaid from money in the fund.
(7) Notwithstanding any statutory or other restrictions on the use or expenditure of therevenue sources deposited into this fund, the Department of Transportation may use the money inthis fund for any of the purposes detailed in Subsection (4).
Amended by Chapter 168, 2010 General Session
Amended by Chapter 263, 2010 General Session
Amended by Chapter 278, 2010 General Session